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S. Korea's economy shrank 3.2% in Q2, worst performance since 2008 Updated: 2020-09-01 13:24:45 KST

South Korea's economy in this year's second quarter contracted by the largest amount since the 2008 financial crisis.
The Bank of Korea said Tuesday that the country's real gross domestic product fell 3.2 percent on-quarter from April to June.
Though it is point-1 percentage point higher than the central bank's previous estimate, it is still the lowest growth rate in around 11 years.
On year, the economy shrank by 2.7 percent.
Real gross national income also fell 2.2 percent on-quarter.
The economic contraction was mainly caused by the huge drop in exports.
Exports plummeted 16.1 percent in the second quarter the biggest fall in more than 56 years with declining demand for automobiles and mobile phones.
The Trade Ministry did have some positive news though.
It announced on Tuesday that exports for August were a little better, totaling around 37 billion U.S. dollars, with the daily average down 3.8 percent on-year.
That is the smallest drop since the start of the pandemic.


"South Korea is recovering relatively well. According to recent data by the WTO, the drop rate of South Korea's exports was the 4th lowest out of the key 10 exporting countries."

Acknowledging the downturn, the vice finance minister said in an economic meeting on Tuesday that the contraction of the real economy is unavoidable due to the increased number of infections and strengthened precautionary measures.
He also said the government is providing around 150-billion U.S. dollars of financial support through this year's budget.
Kim Sung-min, Arirang News
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